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Economy: Nigeria generates N204.77bn from VAT in Q1

Economy: Nigeria generates N204.77bn from VAT in Q1

Dr. Yemi Kale, Statistician General of Nigeria and CEO of National Bureau of Statistics

VAT is a consumption tax that is placed on a product whenever value is added at a stage of production and at final sale.

The National Bureau of Statistics (NBS) said that Nigeria  generated the sum of N204.77 billion as Value Added Tax (VAT) in the first quarter of 2017.

VAT is a consumption tax that is placed on a product whenever value is added at a stage of production and at final sale.

The NBS stated this in a Sectoral Distribution of VAT Data for first quarter of 2017, published by the bureau on Tuesday in Abuja.

The report showed that the N204.77 billion generated in the quarter was lower than N207.35 billion generated in the fourth quarter of 2016.

According to the report, the decline in the amount generated represented 1.25 per cent decrease quarter-on-quarter.

Comparing the amount to the first quarter of 2016, the report stated that VAT generated was N186.43 billion in first quarter of 2016, representing 9. 84 per cent increase year-on year.

The bureau stated that other manufacturing sector generated the highest amount of VAT with N28.73 billion generated.

It stated that it closely followed by Professional Services and Commercial and Trading, both generating N20.82billion and N12.89billion  respectively.

The bureau stated that Mining generated the least, and was closely followed by Local Government Councils and Textile and Garment industry with N35.07 million, N99.84 million and N230.89 million respectively.

It further stated that out of the total amounted generated in the first quarter of 2017, N126.64 billion was generated as Non-Import VAT locally.

In addition, it stated that N31.72 billion was generated as Non-Import VAT for foreign, while the balance of N46.41 billion was generated as Nigeria Customs Service-Import VAT in the quarter under review.

The bureau, however, acknowledged the contributions of its strategic partner, the Federal Inland Revenue Service (FIRS), and technical partner, Proshare in the design, concept and production of the publication.

Source: Business

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